Audit and Assurance

Innovative Technology Powering PwC's Financial Statement Audit

The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date.

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A New Forward-Thinking, Digital-First Approach to Internal Audit.

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Enhance Your Governance with PwC's Regulatory Compliance Services

Integrating regulatory compliance into governance is crucial for top management and corporate boards to ensure the organisation not only meets legal requirements but also aligns with business goals and risk strategies. This alignment adds significant value to the enterprise by embracing both the spirit and the letter of the law throughout the organisation.

We offer expert support and advice to navigate the complexities of regulatory risks in a rapidly changing environment. We focus on proactive strategies to help you identify, manage, and control these risks, turning regulation into a competitive advantage while minimising disruptions.

Our Services Include:

• Assisting with business authorisation by regulators.
• Conducting regulatory risk assessment and impact analysis.
• Providing independent assurance on financial statements.
• Developing and monitoring risk-based compliance frameworks.
• Evaluating business models under new regulations.
• Offering guidance on regulatory relations and standards.
• Supporting regulatory enforcement and remediation efforts.

Safeguard Your Business Against Corporate Crime with PwC

Corporate crime is a significant threat to business stability, with undetected and unchecked activities leading to costly long-term challenges. Taking proactive measures to prevent and address illegal activities is crucial for maintaining a secure and resilient business environment.

At PwC, we bring extensive expertise in investigating alleged fraud and assessing potential fraud risks across a wide range of industries. Our experienced team is ready to support your business by implementing strategies aimed at tracing and recovering stolen or missing assets and identifying perpetrators to uncover actionable evidence.

Our comprehensive services not only help you address current issues but also provide tailored recommendations and implement effective remedial actions to prevent future incidents. Partner with PwC to ensure your business is protected and resilient against the risks of corporate crime.

Strengthen Your Operational Resilience with PwC

The Gibraltar Financial Services (Operational Resilience) Regulations 2023 establish essential requirements for operational resilience, targeting specific firms in Gibraltar, including insurers, banks, investment firms, electronic-money issuers, payment service providers, and (re)insurance intermediaries with substantial intermediary business revenue.

Key Compliance Requirements:

• Self-Assessments: Firms must document self-assessments to demonstrate regulatory compliance, with the Board and senior management responsible for approving the identification of important business services, impact tolerances, and these self-assessments, ensuring robust governance.
• Communication Strategies: Developing strategies for communication with both internal and external stakeholders is necessary as part of operational disruption response planning.
• Outsourcing Accountability: Even when outsourcing to third parties, firms retain full accountability for meeting regulatory obligations.

Implementation Timelines:

• By 13 July 2024: Identify important business services and establish impact tolerances.
• By 13 July 2026: Develop a prioritised plan to maintain operations within impact tolerances.
• After 13 July 2026: Implement comprehensive strategies, processes, and systems to manage risks and maintain operations during severe disruptions.

We offer extensive expertise in operational resilience and regulatory development, providing comprehensive support to ensure your firm meets these regulatory requirements effectively:

• Desk-based Health Check and Readiness Assessment
• Proactive Assurance and Maturity Assessments
• Designing and Building Frameworks
• Project Management
• Secondments
• Regulatory Support
• Internal Audit

PwC's Track Record and Credentials

Presented oral evidence to the UK Treasury Select Committee on IT failures in 2019.

Frequently selected for Section 166 reviews by the UK PRA.

Conducted independent root cause analyses and post-incident reviews for major operational incidents.

Organised Operational Resilience Exchanges to share insights among firms.

Supported the UK PRA in developing Impact Tolerances in 2016.

Enhance Your Financial Insights with Agree-Upon Procedures Reporting

Agreed-upon procedures reporting is a specialised audit engagement where a CPA conducts specific, pre-defined procedures on a company's financial or non-financial information. The procedures are determined in advance by both the accountant and the engaging party, focusing on particular areas of interest or concern.

Unlike a full audit, this type of reporting does not provide an opinion on the overall fairness of the financial statements. Instead, it reports factual findings from the agreed-upon procedures, offering a detailed examination of specific financial aspects.

This report is typically restricted for use only by the parties involved in the engagement, ensuring confidentiality and relevance. Agreed-upon procedures are particularly useful in situations such as due diligence investigations during business acquisitions, verifying compliance with loan covenants, or testing specific aspects of internal controls.